PancakeSwap (CAKE) has risen by 40.5% in the past day, reaching $2.52, with a market capitalization of over $760 million.

In particular, this gain was accompanied by a 367% increase in trading volume, exceeding $819 million.

Today's rise is the result of PancakeSwap becoming a leader in the decentralized exchange market. PancakeSwap's trading volume in 24 hours reached $1.64 billion, surpassing Uniswap and Raydium.

The increase in trading activity has boosted investor confidence in Binance-related projects like PancakeSwap, following Binance's $2 billion major investment in Abu Dhabi-based tech investment firm MGX.